Does anyone have experience with Bank of America’s Community Engagement Program for the mortgage?

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We can make our mortgage program, and they give us a price below the market rate. I was just wondering if anyone has used this program, and if they thought it was worth it. Thank you!

3 Comments
  1. Reply
    sunshine_today
    February 18, 2011 at 10:23 am

    I think it’s listed on the http://www.naca.com site.

    NACA is a homeowner advocacy group that won a huge settlement against Fleet Bank for their predatory lending practices. They now use their money to make their own mortgages and also “bully” other financial institutions to offer more first time home buyer and other user friendly type programs that don’t rip people off.

  2. Reply
    fukinluckyfuker
    February 18, 2011 at 10:30 am

    All major banks have to meet some minimum Community Reinvestment Act requirements, basically lending to areas or people they otherwise might not bother with. Having a good CRA rating lets the banks do all the other stuff they really make money on.

    If you qualify for a below market loan, and you don’t have much risk of having to repay some type of subsidy, then run with it and be glad you qualified for it.

    There’s tons of variations on these types of deals, between bank, state and local programs. They’re generally great, as long as there’s not too many strings attached.

  3. Reply
    txrealestateagent
    February 18, 2011 at 11:15 am

    Sunshine_Today’s answer is correct.

    I have received offers using NACA and Bank of America. I verified with my local title company that they were legitimate.

    If your real estate agent has never used them before, they are kind of strange to deal with

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